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Views: 67 DOM: 23 Updated: 10.08.24 Posted: 10.01.24 Status: Active

Summary

Price $875,000
Built/Renov 2022
Tenant Star Lube
Cap Rate 6.75%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 1,650
Lease Start 12-01-2024
#Units 10
Price/SF $530.30
Expiration 11-30-2039
Tenant Type Automotive
NOI $59,063
R. Term 15.1
Ownership Fee Simple
Rent/SF $35.80
Increases 10.0%/5/yrs
Pop 5Mi 12,900
Lot/AC 0.51
Options 4/5yrs/10%
AHHI 5Mi $43,055

Lease Highlights

  • New 2022 construction
  • At close of escrow, tenant will sign a brand new 15-year lease with 4 (5-year) option periods
  • The lease features 10% rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Star Lube is strategically located on Route 59, with access to 12,037 vehicles passing by daily. The property is within a 10-minute drive of prominent national tenants, including Walmart Supercenter, Lowe's Home Improvement, Walgreens, Taco Bell, Arby's, and more. Additionally, the Grove Public Schools system, a key contributor to the local economy, is in close proximity to the site. The...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Star Lube
  • Guarantor:Corporate
  • Company:Magic Lube
  • # Units:10
  • Stock:Private

About Tenant

Magic Lube (dba Star Lube & Oil Change) is an American automotive oil change specialty shop. It specializes in full-service oil changes and routine vehicle maintenance, including air conditioning,...


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Listing Broker

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